WP 83 | 15 The Spirit of the Law over its Letter: The Role of Culture and Social Norms in Shielding Cooperative Banks from Systemic Shocks

The macroeconomic impact of bank misconduct has deterred users of financial services from using the system, to the detriment of market integrity, and has prompted policymakers and supervisors to turn to "culture" as a tool to regain public trust. This paper addresses the definitional deficit on what "culture" is by exploring the illustrative case of cooperative banks. Read More

WP 50 | 13 Impact of agricultural cooperatives on smallholders’ technical efficiency: evidence from Ethiopia

Using household survey data from Ethiopia, this paper evaluates the impact of agricultural cooperatives on smallholders’ technical efficiency. We utilize propensity score matching to compare the average difference in technical efficiency between cooperative farmers and similar independent farmers. The approach assumes exogenous cooperative formation and similar farm technology across households. Read More

WP 39 | 12 Mondragón: how to combine economic success and cooperative values

This paper shows how the Mondragón Corporación Cooperativa (MCC) group has managed to reconcile cooperative goals, the relationship with the local community and the necessary requirements of efficiency and competitiveness by adopting a peculiar organizational structure, in which cooperatives are grouped into sectoral divisions and coordinated by central bodies composed of the members themselves. Read More